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Emerging Markets

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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart

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  • The Republic of Benin has opened books for its debut bond — a six year euro amortiser. Ghana is also expected to enter the market on Tuesday, following a roadshow to promote a dollar bond.
  • Chinese outdoor leisure products developer Bestway Global Holding has closed its debut offshore borrowing at a reduced size of around $88.9m.
  • Chinese power generator and local government financing vehicle (LGFV) Yunnan Provincial Energy Investment Group reopened a 2021 bond on Monday. Investors flocked to the deal, showing more enthusiasm than they did for the original syndication four months ago.
  • China’s Texhong Textile Group has returned to the loan market for HK$1bn ($127m) only six months after it closed a larger facility.
  • Solar farm operator Xinyi Energy has refiled for Hong Kong listing approval after cancelling a HK$4.5bn ($573.2m) IPO at the end of 2018.
  • South Korea’s Homeplus Stores whipped the market up into a state of excitement over the last month as it lined up a real estate investment trust (Reit) the likes of which the country had never seen. Even more tantalising was the pipeline of large companies considering Reits of their own if Homeplus's offering went well. But it aimed too high and had to pull the deal, wrecking the party before it started.